CandleFocus What Does Bitcoin Dominance Tell Us? Why Is It Increasing? Here is the Latest Report
2024-09-20
Author: Content Editor
The market dominance of Bitcoin has reached its highest level since April 2021, accounting for 54.9% of the total cryptocurrency market cap, according to a report by Kaiko Research. This increase highlights Bitcoin's growing influence, especially on the top altcoins, as it outperforms other digital assets during periods of market uncertainty. During a recent market sell-off triggered by an interest rate hike in Japan, Bitcoin maintained positive buying pressure on US exchanges while altcoins experienced heavy selling pressure. This solidifies Bitcoin's role as a safe haven for investors during turbulent times. The upcoming launch of spot Bitcoin ETFs in the US in January 2024 has also contributed to strengthening Bitcoin's dominance, attracting institutional investors who see Bitcoin as a lower-risk investment compared to altcoins. Altcoins, particularly the top five by market cap, remain vulnerable to market fluctuations and face ongoing uncertainty.
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